The adoption of technology has lead to a reduction in cost, efficient design time and fewer errors. This has made the industry to witness a growing demand for these tools in the automotive, consumer electronics and defense sector and further strengthening the growth of global EDA tools market.

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Based upon type, the EDA tools market is categorized into on-premise solutions and cloud-based solutions. Among these two segments, on-premise solutions are anticipated to witness the fastest growth during the forecast period.

On the basis of product type the global EDA tools market is categorized into printed circuit board (PCB) and multi-chip module (MCM), computer-aided engineering (CAE), semiconductor intellectual property (SIP), IC physical design & verification and services.

The EDA tools market on the basis of application is categorized into consumer electronics, aerospace & defense, medical, industrial, automotive, telecommunications and others.

Increasing adoption of cloud computing and the increasing penetration of the internet of things are the key factors pertaining towards the growth of EDA tools market globally.

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EDA tools market in North America is anticipated to generate largest revenue throughput the estimated period due to the presence of a large number of aerospace, automotive and defense companies that are utilizing this technology in order to enhance flexibility, cost-efficiencies and smooth functioning of their organization.

Key players in the EDA tools market are launching new products and undergoing mergers and acquisitions in order to gain first-mover advantage and be a differentiator in terms of product offering across the globe. Some of the prominent players in the EDA tools market include Synopsys, Cadence Design Systems inc., Mentor Graphics, Zuken, EEsoF.

Source: VynZ Research